President Obama's Speech Regarding The S&P Downgrade
Florida Congressman Allen West said it was the Democrat's fault not the Tea Party for the country's downgrade. He also said Treasury Secretary Timothy Geithner must resign.
While speaking about the S&P downgrade, former Fed Chairman Alan Greenspan said the U.S. is at no risk of default and will always pay its bills because the country can just print more money. He said the downgrade does hurt the psyche of the country.
Secretary Timothy Geithner said S&P showed terrible judgement in downgrading the U.S. and the company has no knowledge of basic U.S. fiscal math. He also said Congress is the only one who can lower the credit rating.
The Cato Institute created this video showing how the government's downgrade will affect every single American.
Boeing's new 787 Dreamliner was delivered to its first customer, All Nippon Airlines based in Japan. Dreamliner promises a lighter aircraft which in turn makes the plane more fuel efficient. However, the aircraft is years behind schedule and billions over budget.
S&P said there were two factors that led to the downgrade of the U.S. credit. First was the politics and secondly the debt to GDP ratio has doubled since the start of the recession.
Colorado State Senator Rollie Heath is pushing for $3 billion in new taxes to fund education
Unemployment dropped to 9.1 percent as 117,000 new jobs were added in July. Wages also rose by 0.4 percent and the May/June job figures were revised.
James Dirk Crudup jumped the fence at the White House in hopes of the Secret Service shooting him since he feels like a deadbeat dad with 6 kids and can't find a job.